Pain Due for Managers Clinging to Tech, BofA’s Subramanian Says
- Sees sticky inflation and energy outperformance for next year
- Calls tech stocks ‘value traps’ amid a glut of excess capacity
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Early in 2022 when technology shares sold off and energy rallied, Savita Subramanian thought professional investors at least by December would have ditched their long-held affection for growth stocks and embraced the inflation trade.
Not so. The reality is money managers largely still prefer internet and software companies over oil and gas producers.